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Q1 2025 saw roughly $350M flow into the psychedelics industry, the majority of which accrued to a trio of publicly-trader drug developers. Explore key trends, private vs. public dynamics, and what Compass Pathways’ upcoming Phase 3 results could mean for the remainder of 2025.
Dr. Charles Raison has spent decades exploring how ancient practices like meditation, sauna, and psychedelics might interface with modern psychiatry. With roles spanning academia, clinical research, and biotech, he brings a rare perspective to the promises—and pitfalls—of emerging mental health treatments. Here, Psychedelic Alpha’s Josh Hardman sits down with Raison for a wide-ranging interview.
State-regulated psychedelics are on the horizon in Colorado, as The Center Origin in Denver prepares to offer its first psilocybin session. Psychedelic Alpha spoke with Co-Founder and CEO Elizabeth Cooke about how the company became the first licensed psychedelic medicine centre in the Mile High City.
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Whether you’re at the idea-formation stage or raising early-stage funding, we’re here to help across the entire psychedelic value chain and company life-cycle.
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Join our newsletter to stay abreast of the rapidly emergent psychedelics industry: from clinical trials and patents through to healing centres and decriminalisation.
After a half-century of prohibition, psychedelics are once again entering the mainstream.
Today’s so-called “psychedelic renaissance” is represented by a seemingly exponential increase in research and development activity, billions of dollars of funding, psychedelic policy reform initiatives and successes across the world, and changing public perceptions. ∎
Clinical trials involving psychedelics started, per year
Phase 3 trials of MDMA-assisted therapy have been completed, with Phase 3 study of psilocybin underway.
Psychedelic policy reforms are gaining pace at the federal, state and local level in the U.S. and internationally.
of psychiatrists agreed that psychedelics show promise in treating psychiatric disorders.
Barnett et al., 2023
‘Alpha’, in the investing world, refers to an excess return on investment relative to a benchmark. But we broaden the definition of alpha on both ends to include more than just economic returns on more than just economic investments.
Instead, we conceptualise alpha as the excess return on myriad investments that people may make in the present and future of psychedelics: beyond economic capital, people might invest time, energy, and effort, for example. And that excess return might not be (purely) financial, it might also be realised through a more impactful treatment paradigm for mental health, for example, where the ‘benchmark’ is the inadequate status quo.
All this to say, we’re not only for investors. In fact, most of our readers aren’t: many of them are practitioners, regulators, entrepreneurs, and so on. ∎
Psychedelic Alpha is an independent newsletter and community that strives to empower a diverse constellation of individuals and organisations with the knowledge, network and nuance to make an impact within the field of psychedelic medicine and beyond
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